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Schlem, it's actually your views that are worthless and not mine. The only useful contribution you come up with is the occasional link/copy paste.
Other than that it's just fairly ill-informed, panicky BS from you.
1) Bitterness towards the company - spot on, full marks for observation
2) Looking to re-enter - not as things currently stand. To repeat, as it obviously failed to get through your filter the first time: if this monumental F up is rectified in a satisfactory manner then I may look to re-enter. But there are now significant trust issues with management so I would have to factor that in to any decision too.
Brooko, it is a public bulletin board and I am allowed to post about any stock that I like. I retain a very keen interest in SO4, for some unknown reason (can't fathom it). Yes, I know it's been a full 48 hours since the bombshell RNS, but do forgive me if I haven't got over it just yet!
I will continue to post the facts as I see them about this company. The facts are negative currently, so that's what you're getting. If things get back on track and the story that I was sold - fully funded to production - is re-instated satisfactorily then I might consider a re-entry. There is absolutely nothing satisfactory about the current situation however.
Schlem, I think Mather's personal interest is just shy of 10% overall (5% direct, 5% DGR) - happy to be corrected.
I think you're over-thinking what is quite a straight-forward proposition here. NM is not interested in the short-term share price per se, as his only exit point is well into production or a takeover. He will do whatever it takes to get this over the line. If significant dilution is required to secure the large portion of debt funding, it is something that he will have to do.
Well Spencer1983, that was a minute of your time that you just wasted!
Much better to keep your rose-tinteds firmly on, stick your fingers in your ears and sing La La Kumbaya Me Lord, than to entertain anything that interferes with your positive view of a stock. These pesky "negative" people with their pesky, well-articulated fact-based arguments that you have no answer to. Best filter them.
Neon, I'm mildly familiar with both ANGS/CERP having traded them several times in the past. There were warning signs aplenty that both companies were only good as trading vehicles.
Neon, you say the surprise fundraise is neither good nor bad, and then proceed to explain why it's BAD!
Comparisons with dodgy 2-bit oil and gas companies aren't really relevant here though.
Cheers DL, if I need any more tips from an inexperienced amateur I'll be sure to look you up.
Brooko, firstly let's be clear - I have plenty of experience.
Secondly, the ORPH placing is simply not comparable to what we see here; the price had had a good old rise beforehand. Therefore, most people who had taken positions were sat on very healthy profits. The placing price and amount was announced all in one and was complete. It was done at a time when the market was RED hot. Anybody could have seen that it was coming a mile off - I certainly could. It's the classic take advantage of a good old rise tactic and it's actually sensible by management.
Instead, what do we see here? The day before the announcment, the price was sat at the same price as the previous placing! We certainly did not enjoy a good rise after the last placing (and don't even try to talk about a rise from the pits of 17p as a good rise prior to that). Then, we have a placing announced, but we don't know at what price and for how much! On top of that we don't know when or even IF the Taurus money is going to come through. And finally, ORPH was an open-ended story moving towards profitability, a moving feast. Here, we have a specific goal in sight - production, for which the parameters had been planned in great detail to BFS level. And we were told that we were fully funded to get to that very specific point.
I have absolutely no problems with placings per se. They are necessary evils when a company has no revenue. What I have an enormous problem with is when I make my investment based on being told that we're fully funded and then having to endure not just a placing, but the fiasco that we are witnessing whereby we are left in limbo about the placing price, the amount, the debt and all the rest.
Brooko, apologies yes you are right: he couldn't give a F about all retail shareholders (both Australian and UK). His and the Chairman's shares are locked in until it comes good or goes bust, evidently. A LOT can happen inbetween.
August 6th in the JW interview at 8:20mins: Tony, "so we're away, fully funded". That's crystal clear to me. We were mislead into thinking that the Taurus debt was done and dusted, and that if there were any conditions left to satisfy that they would be tick box exercises. Turns out they're having trouble ticking those boxes and we're getting an emergency placing instead.
We were mislead.
And do you know why Tony released the follow-up RNS at 15:39? He did it because the share price had tanked on AIM and he was trying to reassure the market and thereby shore up the price. Why was he trying to shore up the price? Evidently because it was affecting the Placing negotiations (not because he could give a flying F about UK shareholders). The financiers are not mugs and are demanding a discount to the current price. What a fiasco and Tony is looking like a complete Amateur in all of this.
There is no way that I am voting for Resolution 11 - no chance. They can call an EGM to get shareholder approval if they want to propose a massive equity issue.
Anybody who just approves NM to do that on trust is nuts imo.
"Accordingly, Resolution 11 will be proposed as an ordinary resolution to grant new authorities to allot shares and grant rights to subscribe for, or convert any security into, shares (a) up to an aggregate nominal amount of £6,907,378, representing approximately one-third (33.33%) of the Company's existing issued share capital as at 11 November 2020 (being the latest practicable date prior to publication of this Circular); and (b) in connection with a rights issue, up to an aggregate nominal amount of £13,814,756 (as reduced by allotments under paragraph (a) of the resolution), representing (before any reduction) approximately two-thirds (66.67%) of the Company's existing issued ordinary share capital as at 11 November 2020 (being the latest practicable date prior to publication of this Circular). "
Alarm bells: "grant rights to subscribe for" - sounds like confetti options...up to 1/3 of existing capital!
And then the potential Rights Issue for up to 2/3 of exisiting capital.
Total = up to 100% of existing capital, unless I have misunderstood?
Schlem, some equity was always on the cards for the tCFP. I think NM mentioned $600m or a bit more at some point over the summer, and that sounds in the right ball park to me. $600-1000m for $2.7-3B CAPEX is minimum really. He's been consistent in saying that it will be a Project level, so along the same sort of lines as the FN deal. However, this latest move to increase the amount of shares he can issue strongly suggests to me that a sizable portion may be in equity.
None of this would be any surprise to either NCM or BHP. NM hasn't made any secrets about what he wants the tCFP to look like (broad composition).